Press Releases

Wall Street Reform Act Yields Practical Results for Community Banks

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Washington, DC, February 7, 2011 | comments
WASHINGTON – The Dodd-Frank Wall Street Reform and Consumer Protection Act continues to yield practical results. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a final rule, required by the new law, to achieve parity between small and large banks within the deposit-insurance system.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act continues to yield practical results. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a final rule, required by the new law, to achieve parity between small and large banks within the deposit-insurance system.
 
In a press release issued today, the Independent Community Bankers of America praised the FDIC’s final approval of the rule which the association had identified as one of its key priorities in the Wall Street Reform Act saying that “ICBA thanks the FDIC for approving this pivotal final rule, which will ultimately benefit the communities we serve.”
 
The ICBA also wrote that “Under the current system, banks with less than $10 billion in assets pay approximately 30 percent of total FDIC premiums, even though they only hold 20 percent of total bank assets. Updating the system will lower assessments for 98 percent of these banks, saving community banks roughly $4.5 billion over the next three years, allowing them to reinvest those savings in their communities.”
 
Click here to view ICBA’s statement.
 

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